SEC. 250.420. ALTERATION OF BOUNDARIES.

   The boundaries as formed pursuant to Subdivision 5 of Subarticle V and this Subdivision 7 of Subarticle VI may be altered from time to time in the manner provided in Section 250.248 of this Procedure Code.

(Added by Ord. 225-81, App. 5/5/81)

SUBDIVISION 8 REFUNDING BONDS

SEC. 250.425. PURPOSE.

   When, in the opinion of the Board, found and determined by resolution, by reasons of delinquencies or threatened delinquencies, or by reasons of changes in interest rates, the economy and general welfare of the owners of property within an assessment district will be served thereby, proceedings for refunding or advance refunding of outstanding assessment bonds may be had pursuant to this Subdivision.

(Added by Ord. 225-81, App. 5/5/81)

SEC. 250.426. GENERAL LAW ASSESSMENT BONDS.

   Special assessments and special assessment bonds heretofore or hereafter levied or issued pursuant to general law may be refunded pursuant to this Subdivision. The provisions of the Special Assessment and Bond Refunding Act of 1939, Chapter 5, Division 1, Title 6 (commencing with Section 59100) of the Government Code shall apply.

(Added by Ord. 225-81, App. 5/5/81)

SEC. 250.427. PROCEDURE CODE ASSESSMENT BONDS.

   Special assessments and special assessment bonds hereafter levied or issued pursuant to this Procedure Code may be refunded by proceedings had pursuant to Subdivision 4 of Subarticle V of this Procedure Code. The provisions of this Subdivision are to be read in pari materia with the provisions of Subarticles V and VI of this Procedure Code pursuant to which the former assessments were levied or bonds were issued.

(Added by Ord. 225-81, App. 5/5/81)

SEC. 250.428. REFUNDING BONDS.

   The refunding bonds shall be issued pursuant to the provisions of Subarticle VI of this Procedure Code.

(Added by Ord. 225-81, App. 5/5/81)

SEC. 250.429. AMOUNTS FUNDED OR REFUNDED.

   Refunding bonds may be issued in a principal amount sufficient to provide for the payment of all of the following:

   (a)   The principal amount of the bonds to be refunded;

   (b)   The premium necessary to be paid in calling and retiring the outstanding bonds;

   (c)   The price in excess of the par value of bonds required to be paid for their purchase in the open market;

   (d)   Interest accrued, or to accrue, on the bonds to be refunded, to the date of their refunding or to the next interest payment date thereafter when required to be paid;

   (e)   The costs of financial, legal and other technical services employed to accomplish the refunding;

   (f)   The costs of printing and advertising, and all other costs of the City incurred or to be incurred in the refunding proceedings; and

   (g)   Interest on the refunding bonds from their date to the date they are delivered to the former bondholders, in exchange for former bonds.

(Added by Ord. 225-81, App. 5/5/81)